AML/CFT: Company Secretarial Services provider fined for failure to make STRs

In 2004, LIM was introduced to Arafat RAHMAN Koko who, it was learned, is the son of Mrs KHALEDA Zia, the former prime minister of Bangladesh. Rahman formed, with Lim's help, a company called ZasZ Trading and Consulting pte Limited. Lim and Rahman were the signatories on the company's bank accounts.

Later, another company was formed for Rahman. This time Lim was the sole signatory. That company was called Fairhill Consulting pte Limited.

Two years later, Rahman told Lim that there were political problems in Bangladesh and that the two companies should be closed but, first, their bank accounts should be emptied. The money, which totalled a little over SGD3 million was to be held in Lim's own bank account until Rahman told him what to do with it.

The trouble in Bangladesh turned out to be that Mrs Kaleda, was no longer prime minister and people were looking into the countries finances during her time in charge. Rahman was under suspicion. He has now been charged with corruption and money laundering - including laundering approx USD2.7 million through Singapore. ]

Lim admitted that he should have considered the transactions suspicious and should have made suspicious transaction reports. He was fined SGD6,000 on each of the charges.

Lim was not charged with the offence of laundering per se.